Investing in change to create a more resilient arts and cultural sector
Investing in change to create a more resilient arts and cultural sector
By
Margaret Bolton
SUMMARY
This article examines how not-for-profit arts and cultural organisations could become more resilient – particularly more financially resilient. It looks at how organisations are working to change and evolve their business models in order to generate more income and to reduce costs and their need for capital in order to make the transition.
Many not-for-profit arts and cultural organisations still operate on the model of balancing expenditure with income. They lack adequate reserves for the rainy days and designated funds to invest in their organisation and its change/evolution. They need capital, for example, to develop new websites and integrated box office systems which enable them to collect more information about their audiences and to communicate with them based on a better
understanding of their behaviour and preferences. They need capital to develop and operate new income generating
ventures.
